[quote=bobby]Thanks again. We are leery about getting into a bidding war against another buyer but I guess it doesn’t hurt to look. We’ll keep on looking.[/quote]
bobby, I’m getting the feeling here that you’re worried about “game-playing” by RE agents and rightly so.
All you can do is put your best offer in with the most attractive terms you can offer at the outset. If someone else comes in higher, the seller counters your offer and you don’t feel comfortable besting what you already offered, then let the (supposed) higher bidder have it!
One reason why your offer would be countered (for price) in the first place in a multiple-offer situation is that another buyer offered more than you’re comfortable offering but is not as qualified as you. In this case, if the seller DOES accept a higher offer than yours from a less-qualified buyer who ends up having to cancel, don’t be surprised if your agent gets a call in a few days/weeks to see if you are still interested in purchasing the property!
Under no circumstances should you even consider besting your offer (price or terms) without a bona-fide counter-offer signed by the seller, IMO. Some listing agents may try to (verbally) fish for a higher price from a current offeror when there really isn’t any competition to them at all. These “agents” deserve to have their bluff called as they are NOT working in their client’s best interest.
If at all possible, have your agent present your offers to the seller(s) him/herself. And make sure any offers you place give the seller(s) a limited time to accept, reject or counter them.
Note: The above guidelines only apply to “traditional” or “equity sales.”
Again, Good Luck, bobby! Based on your posts, I think you will eventually be able to find something that you will be happy with!
